Ripple has been approved to expand its payment services in Singapore.

Ripple has announced that it has received approval from the Monetary Authority of Singapore (MAS) to expand its payment operations under the Major Payment Institution (MPI) license of its subsidiary Ripple Markets APAC.

With an expanded license, Ripple can offer additional regulated payment services in Singapore, including services related to digital payment tokens such as the newly launched stablecoin RLUSD and XRP. Ripple is one of the few global blockchain organizations that holds an MPI license.

Monica Long, President of Ripple, emphasized: “MAS has set the gold standard for transparency in digital asset management, and we appreciate Singapore's pioneering approach.” The expanded license will help Ripple continue to invest in Singapore and build infrastructure for financial institutions to transfer money quickly, safely, and efficiently.

Ripple's payment platform combines digital tokens with a global payment network, supporting cross-border transactions for banks, crypto companies, and fintech without the need to develop their own systems. The new license allows for the provision of a comprehensive payment solution, including collection, custody, token exchange, and payments, through a single integration point.

Fiona Murray, Vice President of Ripple for the Asia-Pacific region, stated: “The APAC region leads the world in the use of real digital assets, with on-chain activity increasing by about 70% compared to last year. Singapore is at the heart of this growth.”

Ripple established its APAC headquarters in Singapore in 2017. MAS is considered a pioneering regulatory authority for digital assets, with frameworks such as the Payment Services Act governing the issuance of stablecoins and crypto services.